ESTATE ORGANIZER KIT
GENERAL INSTRUCTIONS
(Read This First)
The “secret sauce” when it comes to the success (or failure) of any estate
plan is the degree to which the recently incapacitated or departed left up-todate instructions and information regarding where their essential paperwork
is kept; the names, addresses and phone numbers of their key contacts; and
the location, nature and value of their assets. Congratulations on taking this
important step toward organizing your estate for yourself, your fiduciaries
and your loved ones by completing (and m aintaining) this Estate
Organizer Kit. Your Estate Organizer Kit consists of four (4) separate
documents:
1.
2.
3.
4.
Instructions for Fiduciaries
The Document Finder
The Key Contacts
The Asset Workbook
These are the basic instructions for completing, updating and using these
documents.
Instructions for Fiduciaries
Purpose: This document contains instructions for your fiduciaries, whether as Personal
Representatives appointed under a Last Will and Testament or as Trustees appointed
under a Revocable Living Trust.
The first set of instructions called “Actions Upon Death” is a general checklist of actions
to take in the event of your death (and many are relevant in the event of your incapacity).
Following this checklist will help your fiduciaries go on auto pilot, so to speak, as they
begin their responsibilities. Of course, if any questions arise please call our office (913851-4880) to arrange for a consultation.
The second set of instructions called “Fiduciary Duties” is designed to give the persons
named as your Personal Representative and/or Trustee a general overview of their duties.
This becomes particularly important upon your death (or incapacity). The Successor
Trustee will need to step in and assume responsibility for overseeing the management and
distribution of the estate. Likely, unless they are a corporate fiduciary, the Successor
Trustee will need guidance regarding their duties. One of their first acts should be to call
our office (913-851-4880) to schedule an appointment to become acquainted and oriented
regarding their new position.
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The Document Finder
Purpose: To help your fiduciaries (i.e., the Agent/Attorney in Fact under your Durable
Power of Attorney, the Personal Representative under your Last Will and Testament, and
the Trustee of any Trust you may have created) easily locate your important legal
documents, financial records and personal papers when they needed.
Follow these simple steps:
1. Fill-in the blank spaces at the top of the first page, to include
a. The location of your Estate Planning Portfolio (the binder you received
when we created your Life & Estate Plan) and your home;
b. Up to four (4) locations where you keep your important documents,
records and papers (e.g., desk drawer, file cabinet, sock drawer, safe, etc.);
c. Whether you have a safety deposit box (write yes or no) and, if yes,
provide the details requested (i.e., the bank, the box number and the key
location … and remember to obtain signature cards from the bank for your
fiduciaries to sign so they will have access to the safety deposit box in the
event of your death or incapacity); and
d. Provide the names of your top two (2) advisors (e.g., commonly a
financial advisors and an accountant). [Note: You will be providing their
contact information on the Key Contacts form later on.]
2. Indicate where your fiduciaries can find the originals and copies of your important
documents, records and papers. Simply place an “O” for Original or a “C” for
Copy in the appropriate box created by the intersection of your Locations and
your documents, records and papers. Now, let’s walk through a typical illustration
of this process step-by-step.
An Illustration: Mary Smith has a Revocable Living Trust and she keeps it on
the west wall bookshelf of her study. Mary has made at least two (2) copies of her
entire Trust (as we highly recommend). After she copied it, Mary three-hole
punched the pages of copy #1 and inserted it behind the “Living Trust” tab of her
Estate Planning Portfolio. To safeguard the original Trust document, Mary placed
it in a large envelope (and wrote “Original Living Trust” on the outside) and, in
turn, placed the envelope in her safety deposit box (i.e., Box 7) at ACME Bank.
Mary keeps the key in Location 2, her cookie jar (the one on the top shelf of her
cupboard, not the one maintained on the kitchen counter for grandchildren). Mary
provided Trust copy #2 to her financial advisor identified as Advisor 1 on her
Document Finder (so a copy of the Trust will be available as required upon her
death for potential stretch IRA purposes, since her Trust is the designated
beneficiary of the IRA for her children, as well as for the seamless management
of her brokerage account by her successor Trustee). Now, let’s complete Mary’s
Document Finder together.
• Estate Planning Portfolio Location: (e.g., “West wall bookshelf in
study”) Mary places a “C” in the box formed where “Trusts” and
“Estate Planning Portfolio” intersect on her Document Finder.
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•
•
•
Safety Deposit Box: (e.g., ACME Bank) Place an “O” in the box
formed where “Trusts” and “Safety Deposit Box” intersect.
Advisor 1: (e.g., Jane Doe) Mary places a “C” in the box formed
where “Trusts” and “Advisor 1” intersect on her Document Finder.
Take a look at the “Sample” of Mary’s Document Finder, page 1,
included in this Estate Organizer Kit.
The Key Contacts
Purpose: To help your fiduciaries easily locate the names and contact information
regarding your Key Advisors and your Relatives and Close Friends (i.e., to be contacted
in the event of your death, so they can make arrangements to attend any visitation,
funeral, etc.). This really is self-explanatory, but take a look at the “Sample” listing for
Jane Doe at the bottom of Mary’s Key Advisors page.
The Asset Workbook
Purpose: To not only help you identify your assets, but to help your fiduciaries avoid a
rather unpleasant “treasure hunt” that would otherwise result if they had to step in and
take care of your financial business. Accordingly, keep this record up to date as changes
occur (you might make copies of this workbook to facilitate future updates … before
you make any entries to this original) and let your fiduciaries know where they can
access this workbook. Like the “Key Contacts” pages, the Asset Workbook is selfexplanatory. However, just in case, take a look at the “Sample” first page of Mary’s
Asset Workbook.
What Next?
Now that you have completed your Estate Organizer Kit, provide copies to your
fiduciaries and others, as desired. Your fiduciaries will be glad you did.
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INSTRUCTIONS FOR FIDUCIARIES
(PERSONAL REPRESENTATIVES AND TRUSTEES)
This document contains two (2) sets of instructions for your fiduciaries, whether they
serve as Personal Representatives appointed under a Last Will and Testament, or as
Trustees appointed under a Revocable Living Trust (or both).
The first set of instructions, called “Actions Upon Death,” is a general checklist of
actions to take in the event of your death (and many are relevant in the event of your
incapacity). Because death (or incapacity) can (and does) create great stress in any
family, it is helpful to have a “checklist” to make certain all of the bases are covered.
Following this checklist will help your fiduciaries go on autopilot, so to speak, as they
begin their responsibilities. Of course, if any questions arise please call our office (913851-4880) to arrange for a consultation.
The second set of instructions, called “Fiduciary Duties,” is designed to give the persons
named as your Personal Representative and/or Trustee a general overview of their duties.
This becomes particularly important upon your death (or incapacity). The Successor
Trustee will need to step in and assume responsibility for overseeing the management and
distribution of the estate. Likely, unless they are a corporate fiduciary, the Successor
Trustee will need guidance regarding the duties involved. One of the first acts of the
Successor Trustee should be to call our office (913-851-4880) to schedule an appointment
to become acquainted and oriented regarding these duties.
Actions Upon Death
Included below is a brief list of the actions that your fiduciaries (often they are the same
person or persons) should take immediately upon your death. (Note: As noted above,
many of these actions may be required in the event of your incapacity, as well).
Oftentimes, if your fiduciaries are not members of your household or immediate family,
they will be assisted by family members in fulfilling many of these action items as a
practical matter. This brief list is not intended as an exhaustive or detailed explanation of
all actions that should be taken. Rather, consider it a checklist to help your appointed
fiduciaries (and assisting family members) step in and handle those items which demand
immediate attention. For a discussion of their longer term responsibilities and duties,
please see the section entitled “Fiduciary Duties” which follows below.
Recommended Actions for Your Fiduciaries upon Your Death (or Incapacity)
1. If you are alone, telephone a friend who can spend the next few hours with you.
Shock and trauma can take unexpected forms.
2. Notify a funeral director and clergy, and make an appointment to discuss funeral
arrangements. Consult appropriate documents, records and papers of the decedent for
the names and phone numbers of the appropriate parties and any special requests of
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the decedent. Request at least twelve (12) original copies of decedent’s death
certificate. These will be required by the decedent’s employer, life insurance
companies, and the assisting attorney for legal procedures, as well as other parties.
3. Contact by phone and notify the immediate family, close friends, business colleagues
and employer. Refer to the lists of “Key Advisors” and “Relatives & Close Friends” in
this “Estate Organizer Kit” for persons to contact.
4. Arrange for care for members of the immediate family, to include appropriate
childcare, especially while receiving visitors at the decedent’s house or funeral home,
etc.
5. Locate the decedent’s important documents, records and papers. Consult the
“Document Finder” maintained by the decedent in this “Estate Organizer Kit” to assist
you. Gather as many of the decedent’s documents, records and papers as possible, and
continue to do so for the next few weeks.
6. Notify the attorney who will be handling the decedent’s affairs (hereinafter, the
“assisting attorney”). Make an appointment immediately because state law requires
that the Last Will and Testament must be recorded with the court ASAP (i.e., six
months in Kansas and one year in Missouri) and an estate tax return may be due
within nine (9) months of death. This meeting is important to review decedent’s
estate planning documents and to discuss any state and federal death taxes that may
be payable. The assisting attorney will also determine the extent to which it is
necessary or advisable to open a probate estate. (In the event of incapacity, the
assisting attorney may suggest additional steps that should be taken for estate planning
purposes, particularly if death is imminent.)
7. Notify the decedent’s financial advisor(s) immediately. Decisions may need to be
made regarding repositioning financial assets and tax planning, especially regarding
the distribution of retirement funds (e.g., IRAs, etc.). The financial advisor(s) may
also be able to assist you with several of the items below.
8. Telephone decedent’s employee benefits office with the following information: name,
Social Security Number, date of death (or incapacity); whether the death (or
incapacity) was due to accident or illness; and your name and address. The employer
should begin to process benefits immediately.
9. If decedent was eligible for Medicare, notify the local program office and provide the
same information as in number 8.
10. Notify life, accident or disability insurers of decedent’s death (or incapacity). Give
the same information as in number 8, and ask whether additional information is
needed to begin processing the claim. Ask which payment option decedent had
elected, and select another option if possible or desired. If there is no payment option,
payment likely will be made in a lump sum.
11. Notify your Social Security office of the death. Claims may be expedited if you
appear in person at the nearest office to sign a claim for survivor’s benefits.
Look for the address under “U.S. Government” in the phone book. Visit
www.ssa.gov.
12. If emergency cash is needed before insurance claims are paid, a cash advance may be
available from life insurance benefits.
13. If decedent was ever in the military service, notify the Department of Veterans
Affairs. Check for eligibility regarding death (or disability) benefits. Visit
www.va.gov.
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14. Record in a ledger all money you or the immediate family spends. These figures may
be needed for tax returns, etc.
15. Remember that likely you and the family in general are in a highly emotional state.
Avoid entering contracts for anything, and avoid spending or lending large sums of
money.
Fiduciary Duties
The following is a brief overview of the responsibilities and duties of your appointed
fiduciaries. It is intended as a general guide only and your fiduciaries should consult
with an attorney immediately upon taking over to assure that they comply with all legal
requirements, as well as properly carry out the directions given by you in the estate
planning documents.
If you created a Revocable Living Trust-based estate plan, you likely will serve as the
Trustee during your lifetime. Oftentimes a spouse or adult child will serve as current
Co-Trustee with the Trustmaker. Accordingly, a Successor Trustee will step in only in
the event the original Trustee(s) becomes incapacitated or dies. Consult the appropriate
Article of the Revocable Living Trust for the order of succession of Trustees and the
determination of when it is necessary for a Successor Trustee to act.
[Note: The instructions which follow should be consulted in conjunction with the action
items in the immediately preceding section titled Recommended Actions for Your
Fiduciaries upon Your Death (or Incapacity).]
In general, all Personal Representatives and Trustees (referred to collectively hereafter
as “fiduciaries”) face similar duties and responsibilities, regardless of the size of an
estate. All steps in the administration of the estate are more or less directed toward three
goals:
•
Collection and management of assets;
•
Payment of debts, taxes and expenses; and
•
Distribution of the balance of the estate assets to the named beneficiaries.
Collection and Management of Assets
The first step for a fiduciary is to check the powers that they will have over property by
referring to the Last Will and Testament and/or the Revocable Living Trust documents.
The assisting attorney should be consulted if there are any questions as to the extent of
the fiduciary’s powers.
The second step (and initial duty) for a fiduciary is to protect and preserve the estate
assets. The fiduciary should attempt to create an inventory of all assets and their values as
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of the date of death. [Note: Your fiduciary may wish to contact us for a copy of our
“Estate Asset Workbook” to assist with this process.] A good starting point is the “Asset
Workbook” of the decedent, especially if the decedent has kept it up-to-date. Next,
contact the financial advisor(s) of the decedent as identified on the “Key Contacts” form
regarding any accounts, insurance policies, etc., they manage for the decedent. And,
finally, do not forget to review the “Document Finder” for other assets which the decedent
may have owned.
The third step for a fiduciary is to collect the various assets. Valuables, such as securities,
jewelry and other personal items of substantial value should be kept in a safe place (e.g.,
such as a safe deposit box, to which only fiduciaries have access). If the decedent created
a Separate Writing Identifying Disposition of Tangible Personal Property or similar
writing regarding which specific items of tangible personal property should be distributed
to specifically named beneficiaries, such writing should be consulted prior to disposing
of such items. Provided that title of other assets was properly transferred into the name of
the Trust in the case of Revocable Living Trust-based planning, there will not need to be
any change of title immediately. However, bank and savings and loan accounts and
security brokerage accounts may need to be closed or have their ownership changed to
reflect the fiduciary’s name. To effect the change of accounts into the fiduciary’s name,
the fiduciary may need to use the “Affidavit/Certification of Trust” provided in the section
labeled as such in the Estate Planning Portfolio or, alternatively, have the assisting
attorney prepare a “Certificate of Trust”. The fiduciaries should thereafter maintain an
accurate record of all deposits into and withdrawals from these accounts, reflecting the
amounts and sources of each deposit, and the amount and specific purpose of each check
drawn. Claims may need to be filed for the fiduciary to obtain certain properties to
which the decedent’s estate is entitled, such as life insurance proceeds, employer pension
and insurance benefits, Social Security benefits and Department of Veterans Affairs
benefits.
The management of assets imposes several duties. First, a fiduciary should be sure to
maintain adequate insurance on valuable assets by confirming that existing coverages
will continue after the decedent’s death. The fiduciary should make note of the expiration
dates on applicable policies, while also checking that coverage reflects current market
values. Investment decisions will need to be made, too. Cash income not needed for other
purposes of administration, such as immediate payment of expenses, should be placed in
interest-producing investments. The Last Will and Testament and Revocable Living Trust
documents should be consulted by the fiduciaries for further direction regarding longer
term investments. In due course, it may be necessary to sell some of the estate’s property,
either because an item should be disposed of to avoid needless expense or loss through
depreciation in value, or to raise cash for payment of expenses, taxes or legacies to
beneficiaries. Assets should not be sold before first consulting the assisting attorney to
ensure that appropriate authority exists for the sale or can be otherwise obtained. Holdings
in a closely held corporation, partnership or sole proprietorship may pose special
concerns and problems -- the fiduciary may be required to continue or windup the
business to avoid a serious risk of loss to the estate. Again, the assisting attorney should
be consulted before the fiduciary acts with regard to any businesses.
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Payment of Debts, Taxes and Expenses
Once again, before paying any debts, taxes and expenses, the fiduciary should first
consult the appropriate estate planning documents to clearly define the fiduciary’s duties
and powers in this area. Creditor claims may need to be paid and, depending on whether
they are paid from a probate estate or from the Trust, the fiduciary may have different
responsibilities and latitude. Death taxes may need to be paid and, even if taxes are not
due, many estates will nevertheless be required to file a federal estate tax return. The
estate tax return must be filed within nine (9) months of death. Certain elections and
disclaimers must be made prior to filing the estate tax return; therefore, in some cases,
the failure to file this return promptly may result in adverse tax consequences. Also,
income taxes and returns may be due for the probate estate and the Trust. “The assisting
attorney and/or an accountant should be consulted. Professional fees may be paid to the
assisting attorney, accountant and others, including the Personal Representative or
Trustee. However, the Last Will and Testament and/or the Revocable Living Trust must
first be consulted. For example, some of the fees and expenses may not be payable until
the probate estate, if any, is ready for distribution to the beneficiaries.
Distribution to the Beneficiaries
Beneficiaries may be entitled to various distributions of income and/or principal
beginning with the death of the decedent, or may be entitled to lump sum payments. The
fiduciary may be allowed to distribute property in kind or sell properties and distribute
cash. The provisions relating to the distributions to beneficiaries are contained in the Last
Will and Testament and/or the Revocable Living Trust. On final distribution of the
remaining assets, it is advisable for the fiduciary to obtain a receipt from each beneficiary
for the assets he or she receives.
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Document Finder:
Name (s):
Home Address:
Estate Planning Portfolio Location:
Location 1:
Location 2:
Location 3:
Location 4:
Safety-Deposit Box?
Box Number:
Bank:
Key Location:
Advisor 1:
Advisor 2:
Estate Planning Law Firm:
Trusts
Ancillary
Estate
Planning
Documents
Revocable Living Trust and/or Irrevocable Trust
Last Will & Testament
Affidavit/Certification of Trust
Special Gift Memorandum (Tangible Personal Property)
General Durable Power of Attorney for Financial Matters
Health Care Treatment Directive & Durable Power of Attorney
Anatomical Gift Declaration
Assignment of Tangible Personal Property
Cemetery Plot Deed
Memorial Instructions
1
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Advisor 2
Advisor 1
Safety Deposit Box
Home Location 4
Home Location 3
Home Location 2
“O” denotes Original (signed) Document
“C” denotes Copy of Original Document
Home Location 1
Estate Planning Portfolio
Law Offices of Kyle E. Krull, P.A., 5209 W. 164th Street, Overland Park, KS 66085
Phone: (913) 851-4880 / FAX: (913) 851-4890 / Website: www.kylekrull.com
Securities
Retirement
Plans
Cash
Tax Records
Real Estate
2
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Advisor 2
Advisor 1
Safety Deposit Box
Home Location 4
Home Location 3
Home Location 2
Home Location 1
Estate Planning Portfolio
Business
Papers
Employment Contracts
Partnership Agreements
LLC/Corporation Documents
Leases
Bills of Sale
Investment Securities
Brokerage Account
Stock Certificates
Bonds
Annuity Contracts
Stock-Option Plan
Pension Plan
Profit Sharing Plan/401(k)/403(b)
SIMPLE IRA
IRA
Checkbook(s)
Savings Passbook(s)
Credit Cards
CDs
Bank Statements & Canceled Checks
Income Tax Returns
Gift Tax Returns
Deeds to Real Estate
Title Insurance
Rental Property Records
Notes & Loan Agreements
Mortgages
3
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Advisor 2
Advisor 1
Safety Deposit Box
Home Location 4
Home Location 3
Home Location 2
Home Location 1
Estate Planning Portfolio
Personal
Effects &
Other Assets
Car Titles
Boat/Plane Titles
Tenancy Agreement or Community Property Agreement
List of “Digital Assets,” User Names & Passwords
List of Insurance Policies
Marriage Certificate
Divorce/Separation Papers
Birth Certificates
Passports/Citizenship Papers
Military Papers
List of Friends, Relatives & Advisors
Other
KEY ADVISORS TO BE CONTACTED
Accountant
Name
Firm
Address
Phone
Attorney
Name
Firm
Address
Phone
Auto Insurance Agent
Name
Firm
Address
Phone
Banker
Name
Firm
Address
Phone
Clergyman/Rabbi
Name
Church/Synagogue
Address
Phone
Doctor
Name
Hospital
Address
Phone
Employer
Name
Firm
Address
Phone
Financial Advisor
Name
Firm
Address
Phone
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KEY ADVISORS TO BE CONTACTED
Funeral Director
Name
Firm
Address
Phone
General Insurance Agent
Name
Firm
Address
Phone
Landlord
Name
Firm
Address
Phone
Life Insurance Agent
Name
Firm
Address
Phone
Partner
Name
Firm
Address
Phone
Stockbroker
Name
Firm
Address
Phone
Trust Officer
Name
Institution
Address
Phone
Other
Name
Firm
Address
Phone
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RELATIVES AND CLOSE FRIENDS TO BE CONTACTED
Name
Relationship
Address
Phone
Name
Relationship
Address
Phone
Name
Relationship
Address
Phone
Name
Relationship
Address
Phone
Name
Relationship
Address
Phone
Name
Relationship
Address
Phone
Name
Relationship
Address
Phone
Name
Relationship
Address
Phone
Law Offices of Kyle E. Krull, P.A.
RELATIVES AND CLOSE FRIENDS TO BE CONTACTED
Name
Relationship
Address
Phone
Name
Relationship
Address
Phone
Name
Relationship
Address
Phone
Name
Relationship
Address
Phone
Name
Relationship
Address
Phone
Name
Relationship
Address
Phone
Name
Relationship
Address
Phone
Name
Relationship
Address
Phone
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ASSET WORKBOOK
NAME:
Please complete this workbook to the best of your ability. This will not only help you
identify your assets, but will help your fiduciaries avoid the “treasure hunt” that would
otherwise result if they had to step in and take care of your financial business.
Accordingly, keep this record up to date as changes occur (you might make copies of
this workbook to facilitate future updates…before you make any entries to this original)
and let your fiduciaries know where they can access this workbook.
NOTE:
Locate the “titles” to your assets. Such “title” is customarily reflected in whatever
document(s) you received when you acquired a given asset and would need to transfer
ownership by gift or sale. To help you identify the title to your assets, the worksheets
include an explanation of what document(s) serve(s) as evidence of title for each
category of assets.
PHONE:
Social Security #:
Date of Birth:
NAME:
Social Security #:
Date of Birth:
IMPORTANT: Be sure to identify the exact title, or evidence of title, regarding each
asset. Also, full addresses are crucial whenever requested.
DATE OF COMPLETING THIS
WORKBOOK:
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I. CASH ACCOUNTS: (checking, saving, money market) Evidence of title: signature card or other document you signed to set up
account(s)
Full Name & Address of Institution
Type of Account:
Account #
Checking, Savings, Money
Market
Account Owner
Value
(name(s) on account)
II. CERTIFICATES OF DEPOSIT: Evidence of Title: signature card or actual certificate
Full Name & Address of Institution
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Account #
Maturity
date
Account Owner
Value
(name(s) on CD)
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III. INVESTMENTS
A.
BROKERAGE ACCOUNTS: Mutual Funds or Securities Held in “Street Name” through a broker. Evidence of title: documents
you signed to set up the account, or an account statement.
Full Name & Address of Institution
Broker or Agent Name Account #
Account Owner
Value
(name(s) on account)
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B.
Securities: Individual Stock Certificates, Membership Certificates or Bonds. Evidence of Title: stock certificate or bond
instrument. Please bring copies of your stock certificates or bonds if possible, to include any closely held business/limited partnership in
which you have any ownership interest.
Certificate #
STOCKS: Full Name & Address of Company
Owner(s)
Est. Value
(name(s) on certificate)
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BONDS: Description (U.S. Government, municipal, bearer, etc.)
Name of Bond Owner
Face Value
IV. REAL ESTATE: Evidence of Title: deed or land contract. Please bring or mail complete LEGAL DESCRIPTIONS, or copies of
your deeds. Use a “common” description to complete this form.
Description or address of real estate
Name of Owner(s)
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Name & Address of Mortgage
Holder
Value
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V. QUALIFIED RETIREMENT PLANS: Includes company pension & profit sharing plans, Employee Stock Ownership Plans
(ESOPs), IRAs, and SEPs. Evidence of Title: Summary plan description, documents you signed to set up account, account statements,
beneficiary designations. Note: No change of ownership is required, however, we may need to change primary or secondary beneficiary
designations.
Type of
Full Name & Address of Company or
Name of Plan Owner
Current Beneficiaries
Value
Plan
Financial Institution
(primary & secondary)
VI. INSURANCE POLICIES & ANNUITIES: Determining ownership for insurance policies differs from most other assets. You
will need to locate your insurance policy, along with the application you originally signed. It is on the application, not the policy, that you
will find who owns it, and who will receive the death benefits. The application is almost always inserted at the end of the policy. Don’t
forget to review any forms evidencing changes in ownership/beneficiaries, etc.
Full Name & Address
of Insurance Company
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Policy #
Policy Owner
Name of Insured
Primary
Beneficiary
Secondary
Beneficiary
Death
Benefit
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VII. OTHER ASSETS: Please give a complete description of the type of asset, owner & estimated fair market value. This includes
any business you operate as a sole proprietor, partner, or serve as an officer/shareholder.
Asset Description
Name of Owner(s)
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Est. Fair Market Value
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NOTES/QUESTIONS: Use this page to list any notes or questions you would like to review at a future consultation.
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